https://www.taxtmi.com/caselaws?id=121008 Transfer fees received by a co-operative housing society were taxable to the extent upheld below: mutuality protected only the amount permissible under the statutory framework, and receipts from transferees were not covered because the transferee was not a member at the relevant time. Penal interest on delayed payment of transfer fees was remanded for verification to determine whether the amount had already been included and whether separate addition would create double taxation. The society was entitled to deduction of Rs. 50,000 under the residual co-operative deduction provision. The assessment for assessment year 2001-02 was cancelled as without jurisdiction because the notice issued under the applicable notice provision was time-barred. en-us Thu, 23 Aug 2007 00:00:00 +0530 Thu, 26 Jul 2012 10:12:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121008 Transfer fees received by a co-operative housing society were taxable to the extent upheld below: mutuality protected only the amount permissible under the statutory framework, and receipts from transferees were not covered because the transferee was not a member at the relevant time. Penal interest on delayed payment of transfer fees was remanded for verification to determine whether the amount had already been included and whether separate addition would create double taxation. The society was entitled to deduction of Rs. 50,000 under the residual co-operative deduction provision. The assessment for assessment year 2001-02 was cancelled as without jurisdiction because the notice issued under the applicable notice provision was time-barred. Case-Laws Income Tax Thu, 23 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121008